The follow-on loan from Puma Property Finance will support a phase two extension to an existing 152-bed scheme funded by Puma in 2023.

The scheme is conveniently located near to the city centre, minutes away from Dundee’s two universities, the University of Dundee and Abertay University. The all-studio accommodation will be adjacent to the existing Brown Street scheme which includes sought-after amenities such as cinema room, roof garden and gym, to meet growing student expectations.

The phase one and two developments are expected to reach practical completion in summer 2024 and 2025, respectively, in time for the start of the academic year.

Andrew Whiteley at Glenmore Group said: “We are delighted to be working with Puma once again to deliver phase two of our PBSA development in Dundee, which is home to two excellent universities with fast growing reputations.

“We have appointed CRM Student to manage what will be the market leading student property in Dundee, offering fantastic studios and leisure facilities in a very convenient location. We are excited to welcome our first student intake to phase one this summer and phase two next.”

Eliot Kaye, managing director at Puma Property Finance, said: “We are pleased to be working with our trusted partner, Glenmore, for the fourth time on the phase two extension of this scheme. With growing numbers of UCAS applications, demand for high-quality student accommodation is only increasing across the UK, particularly in Dundee which has been historically undersupplied.

“The sector also continues to deliver attractive returns, with rental growth projected to hit between 4% and 6% this year. We have strong experience in the PBSA sector, having delivered over 3000 student beds to date, and this development represents our sustained commitment to supporting essential social infrastructure across the UK.”